This is your total Principal, Interest, Tax and Insurance (PITI) payment
per month. This includes your principal, interest, real estate taxes, hazard
insurance, association dues or fees and principal mortgage insurance (PMI).
Maximum monthly payment (PITI) is calculated by taking the lower of these
two calculations:

Monthly Income X 28% = monthly PITI

Monthly Income X 36% - Other loan payments = monthly PITI

Maximum principal and interest (PI)

This is your maximum monthly principal and interest payment. It is calculated by
subtracting your monthly taxes and insurance from your monthly PITI payment. This
calculator uses your maximum PI payment to determine the mortgage amount that you
could qualify for.

Start interest rates at

The current interest rate you could receive on your mortgage. This is used
as the starting point for displaying a range of interest rates and the resulting mortgage amount.

Term in years

The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.